An advisory budget commission consisting of the chairmen of the Senate and House appropriations committees, Director of Program Planning and Budget Development, Director of Development Planning and 2 members of the public at large to be appointed by the Governor, is created and responsible to the Governor and the Legislature for the administration of the Economic Stabilization and Emergency Fund. The Chairman of the commission is the Director of Program Planning and Budget Development. Rules for the administration of the fund are established by the commission with the concurrence of the Governor and the Legislature and under the Administrative Procedure Act, 4.1001 A.S.C.A., et seq.